Raymond James Financial said talks have begun with the SEC and NASD to settle allegations that it overcharged its clients to buy mutual funds, Reuters reports.

In an SEC filing, the company said it anticipated paying as $14.8 million for failing to give appropriate discounts to investors making big fund purchases and has already earmarked $2.5 million for its possible settlement.

The company also estimated that its customers are due $12.3 million as of December 26 for having failed to receive appropriate breakpoint discounts since Jan. 1, 1999. In September, the company estimated customers were due $6.88 million. Raymond James added that it expects to recover $6.2 million of the new amount from financial advisers.